McCaughey began his credit union career in 1956 when he took over as treasurer of what was then called Warren Township Credit Union and ran it out of his basement. When he retired from his position as postmaster in 1978, he assumed the duties of president full time. He retired from CTCU in June 1997 but continued his involvement as the board treasurer until 2006.
McCaughey's commitment to the credit union movement was evidenced by his involvement in the Doig Chapter where he served as chapter president, treasurer and board league director. The Doig chapter golf outing was renamed the McCaughey Open in his honor. He also served on the Illinois Credit Union League board of directors from 1992 to 1996 and was inducted into the Credit Union Hall of Fame in April 1997.
McCaughey is survived by his wife of 67 years, Elaine, his son, John Jr., daughters, Ann, Mary and Betty, and numerous grandchildren, great-grandchildren, nieces and nephews.